Sold a gifted house multiple improvements before and after the gift transaction- no receipts. guidance with fair market value and cost basis

[JulieR]

Was the house a gift from someone or was a part of an inheritance you received?

[candkmiller45]

a gift; my parents gifted me and my brother essentially a 1/4.  it went to a 1/3 after my dad pasted away

[JulieR · Accepted solution]

First, the cost basis is the amount your parents paid when they purchased the property.  A useful tool in determining the property's fair market value, at the time of the gift, is the property tax data from the County Assessor's office. You might also contact a realtor familiar the property values in the area. You will need to prove the cost of any improvements made to the property to use them as an adjustment to the basis of the property.

[candkmiller45]

How can I prove the cost? I do not have any receipts for any of the work.

[JulieR]

Unfortunately, you would need the receipts to prove the costs of repairs and improvements